"Bank of Baroda Shares Drop 2% Amid RBI's Mobile App Onboarding Directive"
Bank of Baroda's shares dip 2.61% to Rs 208.70 apiece due to RBI's directive.
State-owned lender Bank of Baroda faces a setback as RBI suspends customer onboarding
RBI's section 35A directive impacts Bank of Baroda's 'bob World' mobile app.
RBI's action prompted by supervisory concerns in customer onboarding via the app.
Bank of Baroda mandated to address deficiencies before resuming onboarding
RBI emphasizes the need for strengthening processes for 'bob World' application.
The future onboarding of customers depends on the bank's rectification efforts.
Customers already on 'bob World' app to be shielded from disruptions.
Bank of Baroda faces challenges as RBI takes stringent supervisory action.
The banking sector experiences turbulence as Bank of Baroda shares decline.